led mission free the accreditation three per store charges free the arrangement three per three per studio time for the old free blog plug in video for your media projects and free media. dot com. welcome to business now usually this time of year is really relaxing but these holidays consumers businesses and the global financial markets have been on edge waiting for a resolution to the u.s. fiscal cliff drama preparing for the worst now a compromise has finally been reached but it still leaves few satisfied i'm joined by tatiana. the expert analysis is now i know that you've been chatting to the

market watchers the experts on all of this what are they saying what do they make of it all ok it's a market watchers out overall critical of the deal they are saying it's just a relief for a couple of months as normal of the really fiscal problems were even tackled in it and just for background different updates all of us what is the deal exactly and can you just inform us just what the fiscal cliff briefly it's really about raising taxes for richer americans so now those individuals making four hundred thousand dollars annually and those couples making more than four hundred fifty thousand thousand dollars and you have to pay almost forty percent income tax and that's a five percent increase from the previous levels of thirty five percent right but that's not nearly as hard as the republicans wanted and as far as government spending that's that's virtually untouched now as far as i see it there's a deal on the table we've avoided the u.s. economy being dived into a disastrous global recession i'm looking to end in

a positive way that sounds good but many x.-press i've spoken to talk person mystic about the us future for example jurors in america legendary investor he believes that only a tax hikes by washington will lead to a recession in the u.s. in the next year or two or another one richard haass who is the president of the council on foreign relations he says about. yes this deal that the only thing it did was avoiding sending the signal that we are reckless and out of control i think as well. the fact that the deal was struck at the very last and. i don't think i'm being too bold is to say a desperation dail screams of desperation right most analysts would agree with you they are saying that it's just the beginning of the main battle is still ahead so to conclude let's listen to mike even

a market analyst b g c brokers from london what was agreed was basically to avoid a lot of the tax increases but it didn't really address the spending side of the equation and the republicans which are due to come back into the next congress tomorrow the democratic counterparts. say that they're actually going to be tackling this side of the equation again in the next couple of months now the issue of the debt ceiling which is a u.s. pouring limit is something which congress needs to pass in the public says we're quite happy to hold this over the obama administration until they get the spending cuts that they want so there's a lot of political wrangling ahead and yet. nerve markets. while this right now see the u.s. markets reaction then as i say a new year round it is underway right now that is in reaction to the nor make his

passing of the bill of those spending cuts and tax increases so we got a real sense of relief on the trading floors today really the same goes for europe as well which are those numbers out as well for you again we've got healthy positive gains and as far as europe's concerned stocks rallied to a twenty two month high and that's after the deal was struck immediately after so as far as the global equity markets are concerned it's solved so good over two percent up for the sea and the dax just that. and moving on then is that you you managed to escape the find out to claim of twenty twelve then can you stuff lucky or some would argue simply resourceful in the third year of the global recession people in spain one of the eurozone countries hit the hardest were forced to think out side the box. the sacred siesta is now seen by its fiercest critics as an excuse to be lazy and these modern times where air conditioning is as common as a kettle is the heat really an excuse for an afternoon nap someone now questioning

francisco hot dinners are on their way out economical homemade sandwiches on filling up lunch boxes as part of the belt tightening mission the for struggling families and children they're now walking to school saving only fuel bill and in turn reducing road accidents career choices at one of the oldest occupations prostitution is sadly seeing or surges in places such as valencia there is even a training course for escorts to will mess kills at a cost of one hundred euros and these challenging times are not just affecting the living dead spaniards are being exhibited in cemeteries move to cheaper size because of late payments from their relatives even being dug up in some cases for quick cash and as a fear no no more fancy frozen and flowers instead scientists are being inundated

with bodies. now one of these reactions to a stereotype rather depressing them the spanish may want to consider the irish approach. it seems that when the going gets tough the tough get pregnant islands may have one of the highest unemployment rates in europe but it's also high at the fertility table to a just over two and on average and that's partly down to a surge of women of childbearing age after the baby boom during the late one nine hundred seventy s. when the country was also gripped by economic crisis so for the ever old r l it seems to be a case of a baby one more time. not everyone suffered in twenty twelve you'll be relieved or perhaps even slightly sick kids ahead that the rich guy got even richer according to billionaire index a total of two hundred forty one billion dollars was added to the world's one hundred wealthiest individuals collective what now just sixty eight of these one

hundred people registered a net loss for the twelve month period the biggest gain of twenty twelve was seventy six year old spanish billionaire. the founder of retailer inditex f.s.a. which actually also is closing its all as well he managed to more than double his fortune from twenty two billion to fifty seven and a half billion dollars in tax so. now if you think your new year's eve celebrations were pretty special then you might want to think again because russian billionaire romance well he went all out he had stole gas including p. diddy the american raffle was flown in from some vaults to perform the billionaire which has the capacity to fill four hundred people some of these included stall walls film director george lucas design he was that superstar rapper p. diddy aside an american rock band kings of they had as one of the total cost is

unknown right now but last year's bash course the chelsea football club eight billion dollars on his pregnant girlfriend. well said to be on her best behavior sensibly sticking to water through out the evening. now that's all the business for now and for today we will be back. tomorrow she said join us december stay with plenty more news coming up just after this short break. in the glow of russia's no four way from civilization in history all one helicopter

trip from the nearest village. they still one family have been living here for a long time in tents made of reindeer skins. so he can say. lottery runs in a single nail and minutes they're also grew up in the two but left it at the age of six and never returned they now live in the city in apartment building but still remember their regions was. was flooded it was a dancing teacher. i. was a answer to his dances he tells the stories about his motherland.

clause in europe to now has a one thousand strong reindeer herd when the enemy saw the light in and mosques around bruges gather the turns and move to another posture they travel hundreds of kilometers in winter women and children for them. but the two families have less of a chance to come across each other they belong to different worlds even though there's sometimes a similar. space tourism one of the more fun civil ideas of our time or

a solid business proposition in orbit around earth for the future well joining me is someone who should know a lot about that question it's eric anderson a space entrepreneur who say back here on earth so mr ranson thank you for joining us it's a pleasure. ok we'll start off your company was founded taking people up to space since the two thousands i remember when i heard recently about the idea of a space hotel i made a bet with one of my colleagues that there would be no such thing in my lifetime now aside from the fact that i would never live to see the money if i did win that was the confidence i had that there would be no such thing was i foolish to make that too but unfortunately i think you probably war i have absolutely no doubt in my mind that there will be a space hotel within the next ten years in orbit around the earth why. because

there's an incredibly good business plan behind it because millions of people want to go to space and because the technology to provide such a hotel is getting closer and closer every day in terms of its cost effectiveness so there is in theory an impetus there but at the moment the principle impetus is this just the fact of let's go and see what is out there let's be a tourist in space is that really enough of an incentive all the market studies that have ever been done will show you that forty percent of the general public wants to go to space in their lifetime it just has to reach a point where they can afford it and it's safe enough for them to feel like they're not risking their life excessively to do it but i do think the tourism market is a catalyst it's not by any stretch the all the reason that the space will go to space for resources will mining asteroids will get precious metals like platinum group metals from the asteroids people will live in space will do pharmaceutical research will develop new drugs space will become part of our economic sphere of

influence but tourism is a fantastic catalyst for that the i assess at the moment being the only platform capable of holding people in orbit is a working scientific platform are you planning perhaps to try and make space towards. useful that first of all space tourism honestly is not a great word for what these people do when they participate as private citizens going to the space station every single one of them who's flown with space adventures to the space station has had an in-depth scientific program whether it was material science or biological experiments or whatever it was they have participated they have paid their own way of course they have used themselves as part of the scientific community that many of them have gone to space with less than perfect health and have been great examples of how for example laser surgery

on your eyes is affected by space flight they all want to participate in this they are participating and the fact of the matter is quite honestly when private citizens go to the space station a lot more people hear about the space station than otherwise it's just one of those things that they captures the public's attention part of nasa is mission is to encourage to the maximum extent possible the commercial use of space and in fact showing that there's a market showing that there are people willing to do this and showing that you don't have to be a career military fighter pilot the right stuff kind of person that plays a huge role and i think that's exactly the sort of thing that ends up helping the space agencies of the world as well ok we'll get to the to the other economic areas the best way of mining in that a while but the moment we have just seen the dragon spacecraft go up to take supplies to the isis that was a significant moment. however it was it was a small parts of what is otherwise

a vost state and surprise and without state capital it seems that at the moment no private and devised could exist you can point to companies like space x. space x. has a contract for services to deliver cargo to the space station but the capital that it was started with her. come from its founder ilan mosque and so this is an inflection point this was not always the case you're absolutely correct the for the first thirty years of space it's all been controlled by the government but we're reaching a point now in fact i think the flipping point was in the mid ninety's when private commercial expenditures in space finally exceeded government and that was of course driven by the satellite telecommunications market and things like that no one would argue that those are successful businesses but we're reaching a point where commercial enterprise is creating its own space program and it will stand on its own it has been well noted that in the past year and a half there have been a number of worrying mistakes with russian space programs

a supply rocket up devices fell back to worth a mission to one of the martian moons never got out of orbit and it's course some high profile resignations and will likely lead to a lot of restructuring in the russian space agency serious concerns is this technology that's going to take people up there good enough. the fact of the matter is that despite recent heck ups that may have occurred on different types of launch vehicles the soyuz spacecraft and rocket have the best safety record the best history of being a proven technology for reliably taking people to and from space in human history there is no other vehicle that comes close nasa uses this vehicle itself to get to space so while there is always room for improvement and while i'm sure and highly confident that the russian space industry is is going to great lengths to to to make sure those things don't happen again spaceflight is inherently and they are an

activity that is risky and so the risk is managed but it's never going to be perfect at the end of the day i think there's not many people in the world who would want to go to space who wouldn't feel comfortable flying on the soyuz the key technological breakthrough that we need is rapid and cost effective reusability like flying in an airplane when you land at moscow airport where you landed new york airport they can turn the plane around in a couple of hours and leave actually less than that this is the problem you have what you're saying to me immediately i think shuttle there is no shuttle you can't reuse soyuz we're going the wrong way. so the shuttle was a vehicle that was incredibly high performing it was an amazing feat of human engineering but it really wasn't reusable i like to call it rebuild a bowl certainly parts of it were rebuilding all certainly some of it was reusable but there was an incredible number of man hours that had to go into certifying that

vehicle for re flight every time it ended up being far more expensive and far less reliable in terms of its reusability that's why i use the word rapidly reusable so the shuttle was not a great example of that however many of the vehicles that are being built now including for example the falcon in the dragon by space x. are designed and the c s t one hundred by boeing to be reusable ten times one hundred times a thousand times and those kinds of advances will be the ones and it's going to take time that will yield those price decreases that will eventually enable millions of people to go to space every year there is one of the costs that perhaps hasn't been looked at enough at the moment there's already a lot of criticism leveled at people flying all over the world for the holidays about emissions about pollution. that not many rockets launched from the moment but they certainly aren't environmentally friendly the ones they launch if that program

is going to be expanded one earth could be the environmental costs of such space tourism. so when we calculated the carbon emissions of a soyuz launch it ended up being something like a fraction of a transatlantic air flight so it's actually not as much as you think the fuel on the space shuttle was liquid hydrogen and liquid oxygen and the exhaust was water so these are not the kinds of things that are really going to affect our carbon emissions and our environment as a whole even when we get to the point that there are literally tens of thousands of launches per year it's a drop in the bucket compared to all the other forms of emissions and pollution on shore that's an issue that will will take shape in time we'll see how that one puns out the tourism isn't the only idea that you've got on the on the books as it were you also mentioned earlier mining asteroids and this seems like a lot more sort of hard nosed commercial idea just trying to paint

a little picture for us a lot of people can't really invision envisage this perhaps from pictures from animations that seem perhaps that there are you know asteroid belts but i don't think there are any asteroids that close to earth because that's the kind of thing that people get scared about of from destroying earth so what kind of distances are we talking about how is this actually with this actually look a fully running asteroid mining operation and wonderful question so in the solar system we have literally hundreds of millions of asteroids the vast majority of those asteroids lie in the asteroid belt the asteroid belt is between mars and jupiter one hundred million miles away or more however there is a small but not insignificant population of what's called near earth asteroids anywhere between ten and. the percent of the material on them are what we call volatiles what that means is most of it's water water ice and water is great because when you break down water into its constituent parts you get hydrogen and

oxygen not coincidentally the same fuel the space shuttle used to go to and to and from orbit and so we first want to use the asteroids to build propellant depots in space that is gas stations we want to be able to reduce the cost of space exploration by allowing spacecraft and space ships to feel up no matter where they go and by doing that we will enable a space economy for all different kinds of businesses this is the second half of the equation of how to reduce the cost of space travel once we have the capability of propellant depots in space moving asteroids around becomes much easier and then we can go to the more valuable materials the higher cost per ounce materials for example the platinum group metals now fifteen fifteen hundred dollars an ounce on average you have platinum palladium rhodium osmium iridium and the asteroids are chock full of these materials they appear in concentrations orders of magnitude

better than the best platinum mines on earth in the asteroids and start to seem like a skeptic but i think i'm not alone in the image of of us sending out teams to try and move asteroids to try and land on them really starting to see much the realms of science fiction i mean they managed to recently land a mosque but that's really the very limits of the moment of our capabilities is this really a serious proposition how on earth would you go about doing something so let me be the first to admit there is a long list of technical challenges and it's going to be very hard this is something that we don't know all the answers yet but we do know is that there is no laws of physics that prevented that these are pieces of rock out there that for example something the size of the international space. station could be worth two hundred billion dollars and so where there's a pot of gold at the end of that rainbow there will be a way people thirty years ago thought drilling

a hole down into the bottom of the ocean and pulling fossil fuels under the north sea was impossible and now that's what we do as a matter of daily practice well we will have to see whether that does indeed transpire big promises but certainly big ambitions and perhaps big achievements as well whether there will be a future for space tourism and indeed space mining is down to people like our accounts mr honest and thank you very much for joining us thank you it's been a real pleasure. the world. technology innovation and all the developments around russia. the future covered. wealthy british style.

is not on my list of. markets why not. find out what's really happening to the global economy with max cause or for a no holds barred look at the global financial headlines tune into kinds a report. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom hartman welcome to the big picture.

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